My Purpose and Resolve
I've always been taught, "a penny saved is a penny earned", and that everyone has their own "2 cents" to add to how we ought to go through this journey we call life. Imagine if we were to save all those insightful "2 cents", imagine how "rich" our lives would become! I hope this blog will not only inspire, but allow for knowledge and growth in the Treasure Valley Real Estate Market. And PLEASE, share this blog with your friends! When we all add our "2 cents" together, their value truly has no limits!
Thursday, February 16, 2012
Sellers or Buyers Market in Boise Idaho?? (Remember we're not concerned what the market is doing in New York!)
In case you don't read any farther then this, let me just inform you that currently the Treasure Valley Real Estate market is indeed a SELLER'S Market.
The numbers for the first month just came out for both Ada and Canyon county, and the numbers are pretty amazing.
First of all, in any market a "6 months supply of homes" is a STABLE market. Now what does "months supply" mean.??.....
Currently there are 1,976 Single Family units on the market in Ada county. If starting today not a single home more was allowed to be put on the market "months supply" would tell us how long we'd have homes to sell before they were all gone. (It's kind of like NASCAR.... if you watch NASCAR some times it shows how many seconds behind a particular car is from the leader. Basically if the leader car were to come to a complete stop, how many seconds would it take for the trailing car to catch up. Same idea..:) hope that helped)
In the January we just had, there were 381 homes sold. And now there are only 1,976 left. So lets do the math:
1976 ÷ 381 = 5.1 or 5.1 month supply of homes.
Now remember 6 months supply is STABLE. More than 6 is buyers market... however less that 6 is a Sellers market.
Not only is this evidence of a SELLERS market, but you can also look at the number of homes on that market as of Jan. the past 4 years and see a very shocking number!!
Total number of homes on the Ada Market in :
January 2008 - 4,307
January 2009 - 3,764
Januray 2010 - 2,991
January 2011 - 2,232
January 2012 - 1,976
As you can tell that number continues to drop, and with the number of homes shrinking, and the number of buyers increasing, it really is as simple as SUPPLY vs DEMAND!
Why so many buyers?:
1. Interest rates are still below 4%. If you are going to buy, rates have never been better.
2. Renters are tired of renting and hearing about their friends paying less on a mortgage.
3. Treasure Valley rental Vacancy at a 5 year low! Lots of renters, no place to rent = high rent.
4. Investors!!! With vacancy rates low, investors can buy a home and charge double the mortgage to instantly cash flow on a property.
The Boise market is unique! It doesn't follow what you, your parents, your barber, your yoga instructor, read and see everyday in the New York Times or on CNN.
As a licensed Realtor with experiance in the Treasure Valley Market, I am here to help you either buy or sell and make sure you get the best deal possible in THIS market!
You can call or email me with more questions you may have about our local market. 208-631-8775 or firstname.lastname@example.org. Or just go to my website to search the market for yourself. www.jeff.househuntersofidaho.com